Money Transfer Accounts and Remittance Sector Debate
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Peter Bottomley
Main Page: Peter Bottomley (Conservative - Worthing West)Department Debates - View all Peter Bottomley's debates with the HM Treasury
Money Transfer Accounts and Remittance Sector
Peter Bottomley Excerpts(10 years, 3 months ago)
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Sir Peter Bottomley (Worthing West) (Con)
I apologise for not being here at the beginning of the debate and because a long-standing constituency commitment will prevent me from being here for the end. I shall therefore make a very brief contribution.
First, I hope that we will hear from my hon. Friend the Minister that there are international discussions, because this is not a problem just for Britain and for Barclays. Secondly, we must accept that people will get remittances to their families one way or another. The real question is whether the cost is excessive and whether there is an audit trail. Nearly everything that goes outside the ordinary banking system has a much higher cost and no audit trail. I hope that the Minister will be able to talk today, or will ensure that we hear soon, about an internationally acceptable way in which remittances can be passed to people’s families in their home countries at a reasonable cost and with some kind of audit trail.